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US oil drillers idle the most rigs in two years as crude sinks

Wed, Dec 31, 2014 - 5:50 AM

While the US rig count has dropped, domestic production continues to surge, with the yield from new wells in shale formations including North Dakota's Bakken and Texas's Eagle Ford projected to reach records next month.

PHOTO: BLOOMBERG

New York

OIL drillers in the US, facing the lowest crude prices in five years and rising competition from suppliers abroad, idled the most rigs since 2012.

Rigs targeting oil declined by 37 to 1,499 in the week ended Dec 26, the lowest since April, Baker Hughes Inc said on its